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Finny61 · 04-27-2010, 06:48 PM

I set up RESP accounts for my two kids, I don't have an immense understanding of the financial world however it was a straight forward easy process. I don`t know what is the ideal per say to contribute. The government kicks in a grant of $500 I believe when you register the little one on RESP, at least that`s what we got. And then they also do matching depending on your contributions (%) if I am not mistaken. I`d have to break out all my papers again.

You can certainly use the $100 child benefit cheque the gov't cuts you every month but keep in mind come tax time you'll be paying back on it as it is taxable, I believe they wanted $250 back so if you always are tight at tax time you might want to save a portion for the tax man.

And yeah RRSP is a different beast, don`t relate the two.

04-27-2010, 06:48 PM	#3
Finny61 Powerplay Quarterback Join Date: Feb 2008 Location: Calgary AB Exp:	I set up RESP accounts for my two kids, I don't have an immense understanding of the financial world however it was a straight forward easy process. I don`t know what is the ideal per say to contribute. The government kicks in a grant of $500 I believe when you register the little one on RESP, at least that`s what we got. And then they also do matching depending on your contributions (%) if I am not mistaken. I`d have to break out all my papers again. You can certainly use the $100 child benefit cheque the gov't cuts you every month but keep in mind come tax time you'll be paying back on it as it is taxable, I believe they wanted $250 back so if you always are tight at tax time you might want to save a portion for the tax man. And yeah RRSP is a different beast, don`t relate the two. Last edited by Finny61; 04-27-2010 at 06:53 PM.